FTSE has found its footing from the lows of yesterday and has started to build a 30min higher low structure, with the most recent higher low coming very quickly after the recent swing higher. Would need to see a clear break of the 7080 level and a backtest of support with a bullish close before taking a position.
SHORT CASE
Price action has been beat over the past week and the recent budget announcement has done little to quell fears of further inflation. The technical perspective is this resistance line at 7080 which is the only local level we have until ~7200. Would need to see a clear rejection of higher prices followed by a bearish close.
Trade active
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Opened a short position filled @7066 on the retracement.
Small position for now as the rejection was not as large as I would like.
Target is low of the range @ 7001.8
Comment
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Stop moved to 7073 as we have some nice separation from the entry point.
Target still at 7001.8, however I'm watching to see how price reacts around 7030 and may take early.
Trade closed manually
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Taken profit @7015 for just over 1:1 gain. Nice quick trade that I wasn't expecting today, will be watching SPY now for the CCI data release at 3pm.